Royce & Associates LP Lowers Stock Position in CorMedix Inc $CRMD

Royce & Associates LP trimmed its position in CorMedix Inc (NASDAQ:CRMD) by 45.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,023 shares of the company’s stock after selling 199,289 shares during the quarter. Royce & Associates LP owned about 0.31% of CorMedix worth $2,815,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. purchased a new position in CorMedix during the fourth quarter valued at approximately $25,000. Comerica Bank increased its stake in shares of CorMedix by 454.6% in the third quarter. Comerica Bank now owns 2,690 shares of the company’s stock worth $31,000 after purchasing an additional 2,205 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of CorMedix during the 2nd quarter valued at $42,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company’s stock valued at $51,000 after buying an additional 3,813 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of CorMedix during the 3rd quarter valued at $55,000. Institutional investors own 34.18% of the company’s stock.

CorMedix Trading Up 0.2%

CRMD stock opened at $8.44 on Friday. The firm has a fifty day moving average price of $7.42 and a 200 day moving average price of $8.45. CorMedix Inc has a fifty-two week low of $6.13 and a fifty-two week high of $17.43. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 2.97. The firm has a market cap of $662.12 million, a PE ratio of 3.96 and a beta of 1.46.

CorMedix (NASDAQ:CRMD) last posted its earnings results on Thursday, May 14th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. CorMedix had a net margin of 45.25% and a return on equity of 45.57%. The firm had revenue of $127.43 million during the quarter, compared to analyst estimates of $104.96 million. During the same period last year, the firm posted $0.30 earnings per share. CorMedix’s revenue for the quarter was up 226.1% compared to the same quarter last year. Sell-side analysts anticipate that CorMedix Inc will post 0.47 earnings per share for the current fiscal year.

CorMedix declared that its board has authorized a share repurchase plan on Monday, February 2nd that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRMD shares. Leerink Partners increased their price target on CorMedix from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Weiss Ratings upgraded CorMedix from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $14.00 price objective (up from $13.00) on shares of CorMedix in a research note on Tuesday, April 28th. D. Boral Capital reissued a “buy” rating and set a $14.00 target price on shares of CorMedix in a research note on Monday, April 27th. Finally, Zacks Research raised CorMedix from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, CorMedix currently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company’s lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.